6 1 TAX TABLES WORKSHEETS AND SCHEDULES Advanced
6 -1 TAX TABLES, WORKSHEETS, AND SCHEDULES Advanced Financial Algebra
THERE ARE MANY DIFFERENT TYPES OF TAXES • Property tax on property you own • Sales tax on items you buy • Income tax on money you make, etc.
FEDERAL INCOME TAX IS COLLECTED BY THE I. R. S. (INTERNAL REVENUE SERVICE • Your filing status affects how much income tax you pay. • Single • Married filing jointly (together) • Married filing separately • Head of household
EXAMPLE #1 • Ron is single and calculating his taxes with a taxable income of $51, 482. 00 using the tax table. How much does Ron owe in taxes?
EXAMPLE #1 SOLUTION •
EXAMPLE #2 • Maria and Don are married taxpayers filing a joint reture with a taxable income of $153, 900. Use the tax schedule below to calculate their tax.
EXAMPLE #2 SOLUTION •
ASSIGNMENT: PG 336 #2 -9, 17
ASSIGNMENT: PG 336 #2 -9, 17 CONT. • 2. • 3.
ASSIGNMENT: PG 336 #2 -9, 17 CONT. • 4. • 5. Given the filing status and tax, identify the taxable income interval that was used to determine the tax. • A) head of household $9, 404 • B) single $11, 775 • C) married filing jointly $7, 699 • D) married filing separately $10, 200
ASSIGNMENT: PG 336 #2 -9, 17 CONT.
ASSIGNMENT: PG 336 #2 -9, 17 CONT. • 6. • 7.
ASSIGNMENT: PG 336 #2 -9, 17 CONT. • 8. • 9. •
ASSIGNMENT: PG 336 #2 -9, 17 CONT. • 17.
- Slides: 14